In the last 24 hours, the price of BNB has significantly dropped from $700 to $675, a decline of 2.6%. It’s now close to the levels where it stabilized in mid-January. Also, BNB’s trading volume has decreased by 23.4% in the last day, totaling $2.46 billion.
Looking at a broader timeline, the price of BNB has been relatively stable for the past few weeks. Despite this, strong buying interest and active trading are pushing Binance Coin towards potentially reaching a new all-time high. Over the last day, its market capitalization has fallen by 2.6% to $98.3 billion.
BNB’s Open Interest Drops Below $1 Billion
The price of Binance Coin (BNB) has fallen sharply from its peak of $700. However, analysts believe it could rise again as Donald Trump is expected to sign multiple executive orders that favor cryptocurrency.
In the last 24 hours, there has been heavy trading of BNB. Coinglass reports that about $975,000 worth of BNB trades were settled, with $961,000 coming from buyers who closed their positions betting on a price increase.
This recent price drop has led to a decrease in open interest for BNB, which has fallen by over 0.9% in the last 24 hours to $996 million. Despite the downward trend, the funding rate remains positive at 0.007%, indicating that the price of BNB might be looking for a strong chance to recover.
Additionally, the recent decrease in BNB’s price has caused a significant drop in options volume, which has fallen by over 70% to $474,000. This reduction might decrease the volatility in BNB’s price, making it difficult for the cryptocurrency to undergo significant movements.
BNB Price Prediction: Technical Analysis
The price of Binance Coin (BNB) has been gradually falling and is now trying to stabilize around $680. After dropping to around $670, BNB saw an increase in buying interest, and its current price is $685, marking a 2.1% decline over the last 24 hours.
For the BNB/USDT trading pair, it’s hovering near $685 and might rise above the 23.6% Fibonacci retracement level soon. With the Relative Strength Index (RSI) at 42, just below the midpoint, BNB might drop to the $670 support level. Staying above this could lead to further price increases, potentially retesting $700.
However, if BNB continues to fall below the 20-period Exponential Moving Average (EMA20) on the 1-hour chart, the price could be pushed down to around $650.
BNB Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BNB price might continue to struggle around $680. If the price moves above that level, we might see a trade around $700. On the downside, $660 is the range.
Long-term: According to Coincodex’s current Binance Coin price prediction, the price of Binance Coin is expected to increase by 18.72% and reach $809.20 by February 20, 2025. Coincodex’s technical indicators suggest that the current market sentiment is bearish, with the Fear & Greed Index indicating 76, showing a state of extreme greed. Over the past 30 days, Binance Coin has experienced 15 out of 30 green days, with a price volatility of 1.95%. Based on this forecast, Coincodex suggests that now is a bad time to buy Binance Coin.
How much is the BNB price today?
BNB price is trading at $685 at the time of writing. The BNB price has decreased by over 2.1% in the last 24 hours.
What is the BNB price prediction for January 21?
Throughout the day, BNB price might continue to struggle around $680. If the price moves above that level, we might see a trade around $700. On the downside, $660 is the range.
Is BNB a Good Buy Now?
According to long-term forecasts, the BNB price might reach $809.2 by February 20. This makes BNB price a good investment considering its monthly yield.
Investment Risks for BNB
Investing in BNB prices can be risky due to market volatility. Investors should:
- Conduct technical and on-chain analysis.
- Assess their financial situation and risk tolerance.
- Consult with financial advisors if necessary.
